Foliar sprays are utilized in the agriculture industry for the application of fertilizers on plant leaves directly. Rising adoption of modern methods of farming is anticipated to fuel demand for the product in the forthcoming years. Market Research Future (MRFR) has released a report which asserts that the global foliar spray market is projected to exhibit moderate growth across the forecast period 2016 to 2023.
The rising investments in the agriculture sector for achieving food security goals is expected to have a favorable impact on the growth pace of the foliar pray market across the assessment period. In addition, the adoption of technological innovations in the industry is likely to influence the expansion of the foliar spray market positively in the years to come. However, factors such as high cost and dosage restrictions are poised to undermine the expansion pace of the foliar market.
The global foliar spray market, based on type, has been bifurcated into macronutrients and micronutrients. The sub-segments of the macronutrients segment include phosphorus-based (P), nitrogenous (N), potassium-based (K), and mixed.
The key applications identified in the segmental analysis of the foliar spray market are horticultural crops, turfs and ornamentals, field crops, and others.
The geographical evaluation of the foliar spray industry spans across five regional segments – Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East Africa (MEA). Europe held the maximum market share in 2017 and is assessed to hold a significant share of the market through the assessment period. The presence of a highly developed agriculture sector is likely to influence the expansion of the foliar spray market in the region greatly. In addition, it is being observed that higher investments are being injected into the regional market. This, in turn, is projected to catalyze growth pace in the years to come. It has also been highlighted in the report that the adoption of advanced farming techniques is expected to fuel demand for the product in the forthcoming years. North America, at the second spot in the global market place, is anticipated to exhibit a similar growth trend over the next couple of years.
The report finds that Asia Pacific foliar spray market is set to exhibit the fastest growth over the next couple of years. The region has a major considerable fraction of the total arable land of the world. In addition, it houses the fast-developing economies such as India and China, which are investing massively in the agriculture industry. It is expected to catapult the regional market on upward trajectory. A shift towards scientific methods of farming is being witnessed, which is likely to benefit the expansion of the foliar spray market in the region over the next few years.
Latin America foliar spray market is anticipated to witness considerable growth owing to the incr5aesing demand for foliar sprays in the region. However, the growth rate in the Middle East Africa is poised to remain sluggish.
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The major participants of the global foliar spray market have been studied in detail for presenting a comprehensive share analysis. Few of these key players are Coromandel International Limited (India), GSFC Ltd (India), Yara International ASA (Norway), Nutrien Ltd (Canada), K+S KALI GmbH (Germany), Israel Chemicals Ltd (Israel), EuroChem Group AG (Switzerland), the Mosaic Company (US), Haifa Group (Israel), Lima Europe NV (Belgium), TRIBOdyn AG (Germany), and Hebei Monband Water Soluble Fertilizer Co., Ltd (China).
With the modernization of the agriculture sector in most regions, the key players are emphasizing on technological innovations to strengthen their market positions. The growth trajectories taken by these players include mergers acquisitions, product launches, partnerships, collaborations, product portfolio development, research development, regional expansion, etc.
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